A New Generation of Projects Combining Energy Storage with Fossil Fuel Generators Is Shifting the Traditional Paradigm
Market conditions and policies are driving acquisitions and new hybrid projects from incumbent generator providers, and new products and services are emerging
A new report from Navigant Research analyzes the advantages of energy storage with fossil fuel (ESFF) solutions to maximize the efficiency, value, and useful life of fossil fuel power plants.
The development of energy storage has been tightly associated with the integration of renewable energy. However, energy storage is one of the most versatile technologies on the grid. Click to tweet: According to a new report from @NavigantRSRCH, a new generation of projects combining energy storage with fossil fuel (ESFF) generators is shifting the paradigm of how energy storage is utilized.
“At a time when market conditions are forcing power plants into premature retirement, energy storage can increase revenue and lower the costs to operate power plants,” says Alex Eller, senior research analyst with Navigant Research. “In the same way a hybrid car utilizes battery storage to improve efficiency and reduce fuel consumption, an energy storage system integrated with a conventional power plant can result in significant fuel savings while improving the grid’s overall resiliency.”
According to the report, market conditions and policies are driving acquisitions and new hybrid projects from incumbent generator providers. The pairing of storage with generators is also opening opportunities for new products and services both from companies serving large-scale utility markets and those focusing on distributed generation technologies for commercial and industrial customers.
The report, Optimizing Fossil Fuel Generation with Energy Storage, explores the advantages of ESFF solutions to maximize the efficiency, value, and useful life of fossil fuel power plants. The study examines the various strategies that market players are using to capitalize on this emerging trend and provides background on the development of ESFF solutions. It also details some of the key opportunities presented by the growth of ESFF solutions and projects and provides recommendations for utilities, vendors, and project developers. An Executive Summary of the report is available for free download on the Navigant Research website.
* The information contained in this press release concerning the report, Optimizing Fossil Fuel Generation with Energy Storage, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
Source: navigantresearch
